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Harmony/ Armgold - FreeGold Financial Results

Release Date: 13/08/2003 09:30:02      Code(s): HAR AOD
 Harmony/ Armgold - FreeGold Financial Results                                  
Harmony Gold Mining Company Limited                                             
("Harmony")                                                                     
African Minerals Gold Limited                                                   
("Armgold")                                                                     
Joint venture                                                                   
FreeGold Financial Results                                                      
(rand/metric) (unaudited)                                                       
                                         Year       Year     Quarter    Quarter 
                                        ended      ended       ended      ended 
                                      30 June    30 June     30 June   31 March 
2003       2002        2003       2003 
Ore milled          - tonnes `000                                               
                    - underground       4,695      1,975       1,222      1,163 
                    - surface           4,666      2,395       1,187      1,349 
- total             9,361      4,370       2,409      2,512 
Yield               - g/tonne                                                   
                    - underground        7.07       7.83        6.70       6.97 
                    - surface            0.59       0.79        0.64       0.62 
- total              3.84       3.97        3.71       3.56 
Gold Produced       - kg                                                        
                    - underground      33,174     15,461       8,183      8,104 
                    - surface           2,762      1,900         761        841 
- total            35,937     17,361       8,944      8,945 
Gold Price Received - R/kg             96,393    105,751      86,546     94,085 
Cash Operating      - R/kg             59,140     49,724      64,166     62,536 
Costs                                                                           
- R/tonne             227        198         238        223 
                                        R"000      R"000       R"000      R"000 
Gold sales                          3,464,045  1,835,944     774,064    841,588 
Cash operating                      2,125,315    863,260     573,897    559,385 
costs                                                                           
Cash operating                      1,338,730    972,684     200,167    282,203 
profit                                                                          
Amortisation                        (139,186)   (60,427)    (45,160)   (35,664) 
Post retirement                             -    (2,226)           -          - 
benefits provided                                                               
Provision for                        (16,932)   (20,000)     (3,760)    (9,728) 
Rehabilitation                                                                  
Other income - net                    257,606     39,768      74,583     69,894 
Interest paid                       (219,734)   (85,615)    (62,954)   (57,089) 
Profit before                       1,220,484    844,184     162,876    249,616 
taxation                                                                        
South African                                                                   
normal taxation                                                                 
- Current tax                        (43,469)    (8,631)       (258)   (16,556) 
- Deferred tax                      (284,900)  (263,049)      20,564   (68,906) 
Net earnings                          892,115    572,504     183,182    164,154 
Financial Results  (US$/imperial) (unaudited)                                   
                                         Year       Year     Quarter    Quarter 
                                        ended      ended       ended      ended 
30 June    30 June     30 June   31 March 
                                         2003       2002        2003       2003 
Ore milled          - tons `000                                                 
                    - underground       5,177      2,179       1,348      1,282 
- surface           5,145      2,641       1,309      1,488 
                    - total            10,323      4,820       2,657      2,770 
Yield               - oz/ton                                                    
                    - underground       0.206      0.228       0.195      0.203 
- surface           0.017      0.023       0.019      0.018 
                    - total             0.112      0.116       0.108      0.104 
Gold Produced       - oz                                                        
                    - underground                497,080     263,088    260,549 
1,066,575                                   
                    - surface          88,813     61,086      24,467     27,039 
                    - total                      558,166     287,555    287,587 
                                    1,155,387                                   
Gold Price Received - $/oz                328        323         348        350 
Cash Operating      - $/oz                201        152         258        232 
Costs                                                                           
                    - $/ton                23         18          28         24 
$"000      $"000       $"000      $"000 
Gold sales                            379,401    179,995     100,090    100,548 
Cash operating                        232,776     84,633      74,207     66,832 
costs                                                                           
Cash operating                        146,625     95,362      25,882     33,716 
profit                                                                          
Amortisation                         (15,244)    (5,924)     (5,839)    (4,261) 
Post retirement                             -      (218)           -          - 
benefits provided                                                               
Provision for                         (1,855)    (1,961)       (486)    (1,162) 
Rehabilitation                                                                  
Other income - net                     28,214      3,899       9,644      8,351 
Interest paid                        (24,067)    (8,394)     (8,140)    (6,821) 
Profit before                         133,674     82,764      21,061     29,823 
taxation                                                                        
South African                                                                   
normal taxation                                                                 
- Current tax                         (4,761)      (846)        (33)    (1,978) 
- Deferred tax                       (31,204)   (25,789)       2,659    (8,232) 
Net earnings                           97,709     56,129      23,686     19,612 
Date: 13/08/2003 09:30:13 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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